What is Hedera Hashgraph?

Hedera Hashgraph is a cryptocurrency network that aims to act as a platform where anybody may use apps and transact, but where the software is managed by a consortium of companies. Hedera distinguishes itself from other platforms with significant design trade-offs made in pursuit of this objective.

The most distinctive aspect of the Hedera Hashgraph is its hashgraph data structure, which groups transactions together and is said to execute more transactions more efficiently than current blockchains. Originally intended for private use, the Hashgraph is a patented technique in which every node continuously exchanges information with every other node.

The algorithm's initial implementation in a public network is known as the Hedera Hashgraph.

Hedera Consensus Service

The Hashgraph consensus mechanism, which is driven by two types of nodes, is used by Hedera Hashgraph to make sure that every computer in its distributed network agrees on its transaction history.

Transaction ordering and history are determined by consensus nodes, and mirror nodes communicate this information to other network stakeholders. The Hedera model preserves the transactions by employing a small number of nodes to ascertain its history. This is not how most traditional blockchains reach agreement; in those cases, users submit blocks to be added to the chain in an open market competition, and those users' decisions define the state of the blockchain.

Hedera Governance

The Hedera Governing Council is in charge of overseeing the consensus nodes that decide transaction ordering on the Hedera Hashgraph. The council is in charge of overseeing the software, casting votes on modifications, making sure money is distributed fairly, and defending the network's legal standing across legal jurisdictions.

It's noteworthy that the space on the Council is quite limited. A member may serve a maximum of two consecutive three-year terms. Members can vote equally on choices pertaining to the network and platform at this period. The Hedera team plans to make mainnet node operation available to anybody who wants to do so in the future, however now only Governing Council members do so.

Gossip About Gossip Protocol

Dr. Leemon Baird, the founder of Hedera, describes the way the hashgraph algorithm operates as "gossip about gossip."

What exactly is gossip, then?

According to Baird, "gossip simply refers to when computers call each other at random." He says that every node in a network has the ability to randomly speak with every other node, revealing to it all the information that node doesn't already know. He claims that the extreme speed and efficiency of this approach are the reasons it is so well-liked in computer science.